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Winter 2002 CalBusiness  
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Keep it Simple, Marketer!

Repackage

Repackage is bundling together a number of products or services that were previously only available from multiple sources (or as separate purchases from the same source), offering integrated solutions with a single point of contact for the customer. In some cases, Repackaging may principally focus on aggregating a multitude of related customer solutions in one place at price points that deliver obvious value; in other cases, the focus is on the integration required to make the individual products/solutions work better together. In either case, the result is value-added one-stop shopping. Done effectively, Repackaging will increase "share of customer" as well as attract new customers.

Before Simplicity Marketers, such as Yahoo!, used Repackaging strategies to build significant brand loyalty by aggregating information on the Web, Bloomberg L.P. built a highly successful digital-age business based on its core competencies in pulling together vast amounts of financial information for professional investors. From many different sources, the Bloomberg Service aggregates into a single source comprehensive worldwide securities information, news, research and analysis, and real-time, historical, and projected prices - and delivers it all to subscribers' desktop PCs, with the value-added replacement of PC keyboards with special keyboards that are color coded for fast, easy use of Bloomberg applications. With inventive Repackaging, Bloomberg has not only become the share-of-customer leader in professional financial information services, but has built a strong enough brand to successfully extend it beyond the professional market into television, radio, and the Internet.

An example of effective Repackaging by value-added integration of complementary services is Union Bank of Switzerland's (UBS) Art Banking service launched in 1997. Recognizing that the same wealthy individuals who collect and invest in fine paintings, antiques, jewelry, and other high-value collectibles are also the most desirable customers for traditional core banking services, UBS bundled together its Art Advisory Service, Numismatic Service, and Private Banking services into one comprehensive, reliable, and discreet package with a single coordinating point of contact for the customer. Repackaging all these services as Art Banking created an extremely appealing hook for customers whose wealth management needs and love of art intersect but had formerly been dealt with separately through multiple sets of advisors.

Read more:

Intro / Replace / Repackage / Reposition / Replenish

 
 
 
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